Business Services Industry
APN snares Kiwi media group.
Australasian Business Intelligence, October, 2001
Nov 1, 2001 (The Mercury
ABIX via COMTEX) -- Australia's APN News & Media has acquired New Zealand newspaper group Wilson & Horton for $1.2bn. Sir Anthony O'Reilly's British-based Independent News & Media was the largest shareholder in Wilson & Horton, and is also APN's largest investor. APN CEO, Vincent Crowley, said Wilson & Horton was an extension of APN's core activities of newspapers, radio and outdoor advertising. Crowley also noted that APN has been interested in acquiring newspaper company John Fairfax in Australia for over a decade. APN is to pay $A809m for Wilson & Horton. Independent News & Media will participate in a capital raising to contribute $A427m, increasing its stake in APN from 40 to 45. $A125m will be raised by APN through the issue of...
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